Grasim Industries Ltd, whose attempt to acquire larger conglomerate Larsen & Toubro Ltd has been delayed by regulators, has challenged L&T's plans to hive off its cement division, a spokeswoman said.
Birla was the chairman of Century Textiles and Industries and had been active in business since the age of 15. He was instrumental in a slew of business initiatives, starting with his stint as the chairman of Kesoram Industries.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
Decks have been cleared for Oil and Natural Gas Corporation to take over the Mangalore Refinery and Petrochemical Ltd with Public Investment Board on Wednesday giving consent to the Rs 659.4 crore (Rs 6.59 billion) proposal.
Debt-ridden Vodafone Idea is planning to begin 5G rollout in six months in select cities and places where 5G device concentration is high, a senior company official said on Friday. Vodafone Idea CEO Akshaya Moondra said the company expects capital expenditure of the company to be in the range of Rs 50,000-Rs 55,000 crore over the next three years with focus on expanding and strengthening 4G coverage.
After Airtel and Hutch, cellular operator Idea, an Aditya Birla Group Company, has lowered ISD rates by 80 paise per minute.
Reliance Industries, the Tata group, Bharti Airtel and Aditya Birla are among Indian conglomerates that have hedged their revenue and costs linked to the US dollar, giving them financial cover as the rupee fell past 80 against the greenback on Tuesday.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
Trinamool Congress is the second highest recipient of political donations through electoral bonds.
M-Cap of top 10 business groups went up by 46% this year.
The Aditya Birla group has slammed rating firm Moody's for placing Novelis, the group's aluminium products subsidiary, in line for a possible downgrade to default.
Grasim Industries Ltd, an Aditya Birla group flagship company, has posted a 68 per cent rise in its net profit at Rs 219.2 crore for the first quarter ended June 30, 2004 as against Rs 130.5 crore in the corresponding quarter last fiscal.
'Aleris will bring in $3 billion of revenue. Novelis has $12 billion of revenues. If we add Hindalco's $6-billion revenue, then on a consolidated basis, we will become the world's largest aluminium company outside China.'
A new board has been constituted for the merged entity 'Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement. The combination will have an all-India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
Both Grasim and L&T were boosted in early trades on Monday after Sebi cleared Grasim of charges of violating the Takeover Code while acquiring L&T.
Reliance ADAG, Tech Mahindra among top recruiters at IIM-A
The Aditya Birla group's decision to merge two companies, each with an existing clutch of diverse businesses, flies in the face of the accumulated wisdom regarding conglomerates, says T N Ninan.
The year was rich in content as far as Web series were concerned.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Customised tailoring: How Raymond, Aditya Birla Group are luring customers with bespoke services to fit the bill.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
With Lok Sabha elections knocking on the doors, United Progressive Alliance chairperson and Congress supremo Sonia Gandhi and her son Rahul Gandhi appear to have suddenly woken up to the need to develop their respective constituencies -- Amethi and Rae Bareli.
Vodafone Idea's net worth (or shareholders' equity) was down 73 per cent year-on-year to around Rs 17,600 crore at the end of the December 2019 quarter after the company reported a net loss of around Rs 6,400 crore during the quarter. Cumulatively, the company has lost nearly Rs 45,000 crore in the last four quarters, eroding its net worth to its lowest level in three-year. Analysts said a such a low level of net worth, coupled with continuing losses in operations, ruled out the possibility of the company getting fresh loans from lenders to fund its adjusted gross revenue (AGR) dues of Rs 54,000 crore.
To bring clarity, the department clearly defines terms such as promoter and competitor.
While about 8,000 people are in the long list of invitees, the select list features 506 A-listers, including prominent politicians, leading industrialists, top film stars, sportspersons, diplomats, judges and high priests.
Define your North Star. Experiment in your 20s be adventurous and experiment and use these experiences to build your flywheel and compliment your IQ with EQ.
With the new entity coming in force, Bharti Airtel will lose the tag of India's biggest telecom service provider to the new entity.
'A long-term investor with a 4 to 5 year horizon could invest in this theme via SIPs.'
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
The question mark over Vodafone Idea's survival is gone after the government's telecom package, managing director and chief executive officer Ravinder Takkar said in an interaction recently. The extended moratorium for spectrum payments and adjusted gross revenue (AGR) dues has indeed ensured that Vodafone Idea survives, at least for the time being, but questions remain. Answers to those questions may determine the future of Vodafone Idea and its power to stay in a difficult telecom market in the coming years.
'Her story, her life, her aspirations and struggles...' 'Indian weddings are not just about fuschia, pink and dancing. They have many nuances.'
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Irrespective of demonetisation and GST blues, IIM Lucknow has been able to successfully place their batch of 459 students.
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